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Category Archives: Debit Cards

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Elizabeth Warren and other congressional members urge rulemaking by the Department of Education re: regulating college/bank partnerships for debit/prepaid cards for student aid disbursement

Posted in Debit Cards, Prepaid Cards, Student Loans

On April 22nd, Senator Warren, nine other Senators, and 14 members of Congress sent a letter (the “Letter”) to Secretary of Education Duncan urging that the Department of Education (DOE) exercise its rulemaking authority to regulate, limit or outright ban certain practices when colleges enter into agreements with financial providers to offer debit cards, prepaid… More >

Scrutiny of campus financial products grows

Posted in Debit Cards, Prepaid Cards

The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products.  Last week, the GAO issued a report on college debit cards in which the GAO recommended that Congress consider requiring financial institutions that provide debit and prepaid card services to colleges to publicly disclose… More >

CFPB calls for public disclosure of campus financial product marketing agreements

Posted in Credit Cards, Debit Cards, Deposit Accounts, Prepaid Cards

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial aid disbursement accounts.  Pursuant to the CARD Act, card issuers must submit their campus credit card agreements annually to the CFPB together with… More >

CFPB findings on campus banking products portend new limitations

Posted in Debit Cards, Deposit Accounts, Prepaid Cards, Student Loans

Findings on campus banking products released this past Monday by the CFPB in conjunction with a Banking on Campus Forum held in Washington, D.C. appear to be a harbinger of new limitations on the marketing of these products.  The findings were based on comments the CFPB received in response to a January 2013 notice seeking input on… More >

Comments by Director Cordray portend aggressive rulemaking

Posted in CFPB Rulemaking, Debit Cards, Debt Collection, Payday Lending

Comments made by Director Cordray in an interview with the Washington Post indicate that the CFPB will be taking an aggressive approach to rulemaking in the coming months.  Director Cordray indicated that prepaid cards are “a real front-burner issue for us” and that the CFPB is “moving forward to write rules to make sure they are… More >

CFPB to hold September 30 forum on financial products marketed to college students

Posted in Credit Cards, Debit Cards, Deposit Accounts

On September 30, 2013, the CFPB will hold a forum in Washington, D.C. on financial products marketed to college students.  In January 2013, the CFPB issued a notice asking for input on a variety of issues with regard to these products, including the information shared between schools and financial institution providers, the way these products are… More >

Lawmakers want CFPB input on use of college debit cards to disburse financial aid

Posted in Debit Cards, Student Loans

In addition to a flurry of news reports, the U.S. Public Interest Research Group Education Fund’s report on the use of debit cards to disburse federal financial aid to college students has also triggered a letter to the CFPB and the U.S. Department of Education by two Democrat lawmakers.  Issued last month, the report found… More >

In calling for increased regulation of reloadable prepaid cards, consumer groups should be careful what they wish for …

Posted in CFPB General, CFPB Rulemaking, Credit Cards, Debit Cards

By Jeremy T. Rosenblum and Stefanie H. Jackman Recently, the Consumers Union, Center for Public Policy Priorities, Center for Responsible Lending, Coalition of Religious Communities, National Consumer Law Center, SC Appleseed Legal Justice Center and U.S. PIRG called on the CFPB to extend various protections afforded to debit cards under the Electronic Fund Transfer Act… More >